BOOT vs SPY: Correlation
How closely do Boot Barn Holdings, Inc. (BOOT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOOT and SPY?
Over the past 3 years, BOOT and SPY moved with a correlation of 0.46, which is moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.46). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 317.4 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against BOOT. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 32.7 percentage points (-12.1% for BOOT against +20.6% for SPY). Risk is not evenly split, since BOOT carries 3.3 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BOOT vs SPY: side by side
| BOOT (Boot Barn Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.1% | +20.6% |
| 5-year return | +77.0% | +82.4% |
| Volatility (ann.) | 47.6% | 14.5% |
| Beta vs S&P 500 | 1.52 | 1.00 |
| Max drawdown (3Y) | -48.9% | -18.8% |
| Market cap | $4.7B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | BOOT | SPY |
|---|---|---|
| 2022 | -49.2% | -18.2% |
| 2023 | +22.8% | +26.2% |
| 2024 | +97.8% | +24.9% |
| 2025 | +16.2% | +17.7% |
| 2026 | -11.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOOT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BOOT and SPY?
The BOOT/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.35, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BOOT?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BOOT correlations · SPY correlations
